October 2, 2018 / 10:30 AM / 2 months ago

Russian finance ministry likely to see higher forex inflow in October: Reuters poll

A customer hands over 100-rouble banknotes to the saleswoman of a local grocery in the village Verkhnyaya Biryusa outside the Russian Siberian city of Krasnoyarsk, January 23, 2015. REUTERS/Ilya Naymushin

MOSCOW (Reuters) - Russia’s finance ministry is likely to see a higher inflow of foreign currency in October, but that will have no impact on the currency market for now, a Reuters survey forecast on Tuesday.

The finance ministry is expected to receive 460 billion roubles ($7.05 billion) worth of foreign currency for its reserves between Oct. 5 and Nov. 7, a poll of eleven analysts and economists showed.

Forecasts varied from 400 billion and 500 billion roubles.

In the preceding period, from Sept. 7 to Oct. 4, the finance ministry had planned to replenish its reserves by 426.9 billion roubles worth of foreign currencies.

The actual plan to replenish reserves will have no immediate impact on the rouble, because the finance ministry had already stopped buying foreign currency on the market last month and is set to get what it needs directly from the central bank instead.

In September, the central bank had to halt purchases of foreign currency on behalf of the finance ministry until the end of the year to help the rouble regain ground. It had slipped to more than two-year lows amid threats of more U.S. sanctions against Russia.

The finance ministry, which started buying foreign currency in early 2017 to beef up depleted reserves, is due to reveal its purchasing plan for the next month at 0900 GMT on Oct. 3.

Reporting by Zlata Garasyuta, writing by Andrey Ostroukh, editing by Larry King

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